Michelin pledges extra cost cuts after full-year profit decline

London

FRENCH tyre maker Michelin pledged on Tuesday to step up cost-cutting efforts after unveiling an 8.5 per cent profit decline for 2014 on sales that missed its own forecast.

Net income fell to 1.03 billion euros (S$1.6 billion) last year, Michelin said in a statement, as revenue dropped 3.4 per cent to 19.55 billion euros, declining at all three divisions.